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that's the deficit. the accumulated annual deficits or shortfalls plus interest make up the national debt. that's more than $16 trillion today. the debt had run up under republican and democratic presidents and congresses. both have had opportunities to tackle it, but it's never politically palatable. president obama formed this simpson/bowles commission, headed by simpson and erskin bowles to cut the debt by $4 trillion over 10 years. critics say president obama has all but ignored it. commission co-head simpson says the growing threat poses a major threat to the u.s. economy. >> where is the tipping point? i don't know where it is, but when it comes, going to be so swift and so savage. >> reporter: obama's plan proposes $360 billion in cuts to medicaid, medicare and other health programs over the next decade. but because costs in those programs are rising fast, the debt would be $6.4 trillion higher in 10 years. the president's budget also proposes cuts to discretionary and mandatory spending that woul
that's the deficit. the accumulated annual deficits or shortfalls plus interest make up the national debt. that's more than $16 trillion today. the debt had run up under republican and democratic presidents and congresses. both have had opportunities to tackle it, but it's never politically palatable. president obama formed this simpson/bowles commission, headed by simpson and erskin bowles to cut the debt by $4 trillion over 10 years. critics say president obama has all but ignored it....
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Jan 15, 2013
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that is if congress doesn't come up with what it calls a credible medium term deficit reduction plan. understand that fitch is not just looking for an 11th hour debt ceiling deal that sets the table for another mini crisis down the road. the federal government hit the debt limit as you know on december 31st. the treasury is using so-called extraordinary measures to pay its bills through mid-february or early march. now, fitch predicts washington will extend the debt ceiling despite the current war of words between president obama and republicans in congress. what happens if we get downgraded? it happened before. remember 2011, when standard & poor's did it. that hit markets and the wider economy hard, but it didn't cause interest rates to increase. this time could be different, however, because the rest of the world is getting its act together. even successful businesses like ford are worried. here's what ceo alan mulally told me today. >> i think the most important thing to your point is that we come together around a solution that allows us to live within our means, to reduce our bu
that is if congress doesn't come up with what it calls a credible medium term deficit reduction plan. understand that fitch is not just looking for an 11th hour debt ceiling deal that sets the table for another mini crisis down the road. the federal government hit the debt limit as you know on december 31st. the treasury is using so-called extraordinary measures to pay its bills through mid-february or early march. now, fitch predicts washington will extend the debt ceiling despite the current...
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Jan 15, 2013
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he promised to pay down the deficit at least half in his first term. the first two years of his first term he had a democratic congress house and senate. he could have done anything he wanted. instead he put through an $800 billion stimulus bill and a $1.7 trillion obama care. if he wasn't going to address it then, when is he going to address it? he is essentially holding congress hostage right now and the american people with these scare tactics. >> okay, newt gingrich addressed this whole issue on "cbs this morning" and i'll read you what he said. "it isn't a smart fight for congressional republicans to pick, because in the end, it's a threat they can't sustain. no one is going to default, no one will allow the united states to not pay its bills, no one is going to accept the economic costs. it rallies the entire business community to the president's side." so even newt gingrich says this isn't a wise fight to pick. you may feel strongly about spending cuts but this isn't the right time to fight. >> when is the right time? when is the right time? bec
he promised to pay down the deficit at least half in his first term. the first two years of his first term he had a democratic congress house and senate. he could have done anything he wanted. instead he put through an $800 billion stimulus bill and a $1.7 trillion obama care. if he wasn't going to address it then, when is he going to address it? he is essentially holding congress hostage right now and the american people with these scare tactics. >> okay, newt gingrich addressed this...
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Jan 19, 2013
01/13
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that is the deficit. you take the sum total of those annual deficits and enter oast on them and that creates the national debt which right now is about 16.4 and change trillion dollars. now, the u.s. treasury is empowered to borrow money to make up the shortfall between revenue and expenses, the deficit. but only up to a certain limit. that's the debt ceiling. treasury does not make decisions about how the money is spent. they are simply empowered in this case to write the checks to pay the bills that are already incurred by your democratically elected congress. now that we've hit the debt limit, exceeded it a little bit, the treasury has two options. they can fiddle around with $200 billion the way you would if you're a little short on your monthly bills, paying some now, refinancing a little bit. that would get us through mid-february to early march. once that stops working the treasury needs to rely on the cash it has on hand and the revenue that comes in each day from taxes. problem is there isn't alw
that is the deficit. you take the sum total of those annual deficits and enter oast on them and that creates the national debt which right now is about 16.4 and change trillion dollars. now, the u.s. treasury is empowered to borrow money to make up the shortfall between revenue and expenses, the deficit. but only up to a certain limit. that's the debt ceiling. treasury does not make decisions about how the money is spent. they are simply empowered in this case to write the checks to pay the...
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Jan 13, 2013
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it is to pay for additional deficit spending. which i, i agree with you, nobody says we can start balancing our budget immediately. but what republicans are saying is, if you're going to increase the debt burden on our children, at least start working with us to restrain the rate of growth in spending over the next few years so we can start bringing our budget into balance. so we don't totally mortgage our children's future. that's what this debate should be about. >> you are right, it should be about that. we're going to discuss it later in the show. the idea about why we don't have budgets, how we can fix that. senator, thanks for the time to talk to us, we hope we can talk to you more in coming weeks. >> have a great day. >> senator johnson is a republican from wisconsin. he is on the senate budget committee. the fiscal cliff nan senonsense fiscal cliff and the exploding debt. how did we get here? >> we haven't had one in almost four years. >> i could end the deficit in five minutes. >> how? >> you pass a law that says that an
it is to pay for additional deficit spending. which i, i agree with you, nobody says we can start balancing our budget immediately. but what republicans are saying is, if you're going to increase the debt burden on our children, at least start working with us to restrain the rate of growth in spending over the next few years so we can start bringing our budget into balance. so we don't totally mortgage our children's future. that's what this debate should be about. >> you are right, it...
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Jan 16, 2013
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two months, three months, four months and more if need be when he wants to do big things on debt and deficit, big things on medicare, comprehensive immigration reform, and will be in a fight with republicans over that? this is going to be a test of how long the president is prepared to wage what -- to get hard stuff done to get an assault weapons ban, to get the magazine clips, universal background check is easier, but the president has to dig in and fight and it will be fascinating to watch. >> this is a statement we have gotten from the nra, national rifle association, part of the statement. we look forward to working with congress on a bipartisan basis to find real solutions to protecting america's most valuable asset, our children. attacking firearms and ignoring children is not a solution to the crisis we face as a nation, only honest, law abiding gun owners will be affected and our children will remain vulnerable to the inevitability of more tragedy. to the inevitability of more tragedy, john king, to the latter part of that statement, congress could enact everything that the president
two months, three months, four months and more if need be when he wants to do big things on debt and deficit, big things on medicare, comprehensive immigration reform, and will be in a fight with republicans over that? this is going to be a test of how long the president is prepared to wage what -- to get hard stuff done to get an assault weapons ban, to get the magazine clips, universal background check is easier, but the president has to dig in and fight and it will be fascinating to watch....
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Jan 19, 2013
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the deficit, we know that's been in the news lately, 41%. so it depends on the issue. >> and gun policy is in there as well. that snuck in there. has the president lived up to expectations, do you think, according to our polls? >> we asked just that and you can see from these results, about one in ten, 13% said he has exceeded expectations over the last four years. about four in ten says he's met expectations. a slight majority says yes, he's met or exceeded expectations. at the bottom, almost half said he fell short of expectations. these numbers are a little bit better now than they were a year and a half ago. >> the man with all the numbers for us this morning. paul steinhauser, nice to see you here. this weekend, the focus is on the inauguration, as we've been talking about, but it is the next four years that concern president obama, of course. the problems and the potential pitfalls. oh! progress-oh! [ female announcer ] with 40 delicious progresso soups at 100 calories or less, there are plenty of reasons people are saying "progress-oh
the deficit, we know that's been in the news lately, 41%. so it depends on the issue. >> and gun policy is in there as well. that snuck in there. has the president lived up to expectations, do you think, according to our polls? >> we asked just that and you can see from these results, about one in ten, 13% said he has exceeded expectations over the last four years. about four in ten says he's met expectations. a slight majority says yes, he's met or exceeded expectations. at the...
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Jan 18, 2013
01/13
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we have an education deficit, we have a skill development deficit that is closely related to education, we have an infrastructure development and repair deficit of e enormously important proportions, and you need only look at the experience of other countries coming out of the recession including countries with very different political systems than ours to see the close relationship that infrastructure investment development has on the likelihood and the pace of recovery from a severe global downturn. we also have an important and urgent need to address the issue of energy independence, an opportunity that more than ever before is sitting right in front of us ready to be advanced in the next year or two. but again, it requires leadership and initiative in washington and immigration reform, again, a subject that was discussed before. one more word, finally, about the process. and for this i kind of go back to a much earlier part of my life when i was a professor or of law at columbia, and one of the summits i taught -- subjects i taught every year was negotiation, negotiation in a varie
we have an education deficit, we have a skill development deficit that is closely related to education, we have an infrastructure development and repair deficit of e enormously important proportions, and you need only look at the experience of other countries coming out of the recession including countries with very different political systems than ours to see the close relationship that infrastructure investment development has on the likelihood and the pace of recovery from a severe global...
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Jan 19, 2013
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plus, from immigration to deficit reduction, what else is on his second term to-do list. and is compromise or confrontation the real goal? plus the suicide of an internet activist finds his family crying foul. was aaron schwartz a victim of government intimidation and a run away prosecutor. >> while there's no law or set of laws that can prevent every sinceless act of violence completely, no piece of legislation that will prevent he every tragedy, every act of evil, if there's even one thing we can do to reduce this violence, if there's even one life that can be saved, then we've got an obligation to try it. >> paul: welcome to the journal editorial report, i'm paul gigot, that was president obama rolling out the plan to curb gun violence and the president outlined 23 executive actions, including more steps to make more federal data available from background checks and increased access to mental health services and he called on congress to reinstate the federal assault weapons ban and prohibit high capacity gun magazines that can hold more than ten rounds. so, what's like
plus, from immigration to deficit reduction, what else is on his second term to-do list. and is compromise or confrontation the real goal? plus the suicide of an internet activist finds his family crying foul. was aaron schwartz a victim of government intimidation and a run away prosecutor. >> while there's no law or set of laws that can prevent every sinceless act of violence completely, no piece of legislation that will prevent he every tragedy, every act of evil, if there's even one...
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Jan 16, 2013
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the deficit is much greater. when i think of the ways and means committee, would change their has been in the composition. the ranking member at a time when i started went to the world bank. i worked with bill on trade. he was handling the tax material mainly. and bill was working on health care at the time. i think a second major change is very much effective today and affects us today. it is this change in composition of the republican party. i think it has moved very much more to the right. i think that makes it very difficult to handle the problems that we have before us. let me comment briefly on where we are. you offer the president yesterday. we have had spending cuts of a trillion and a half dollars. it comes from the budget control act. we have a trillion and a half of spending cuts. essentially in terms of deficit reduction, and has over 600 billion. the account interest, we have essentially of a deficit reduction of $2.5 trillion. the president set a goal of an additional $1 trillion in deficit reducti
the deficit is much greater. when i think of the ways and means committee, would change their has been in the composition. the ranking member at a time when i started went to the world bank. i worked with bill on trade. he was handling the tax material mainly. and bill was working on health care at the time. i think a second major change is very much effective today and affects us today. it is this change in composition of the republican party. i think it has moved very much more to the right....
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i think to something here because there is this deficit in russian society there are many poor people still here people have been pulled out of poverty yes but there are still huge divisions in this country that hinders and i definitely issue they can help bring the country there's a lot of black holes throughout russia when we're basically talking all the time about moscow but russians of right very huge country peter and i have traveled russia a lot and we've seen these places you know. and they're kind of stuck with whatever moscow decides they're stuck with that decision so they don't really have a place in the entire nationalism of the country that pride they hear what moscow's doing over there and they're kind of left over on the sidelines they need to be involved more. interesting is when i was invited to a stock for apec and that was a very different russia. was really quite refreshing because it was very conservative out there very patriotic extremely patriotic i was really impressed and the amount of money they put into investing in and that was kind of a branding rebranding
i think to something here because there is this deficit in russian society there are many poor people still here people have been pulled out of poverty yes but there are still huge divisions in this country that hinders and i definitely issue they can help bring the country there's a lot of black holes throughout russia when we're basically talking all the time about moscow but russians of right very huge country peter and i have traveled russia a lot and we've seen these places you know. and...
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Jan 18, 2013
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but deficit hawks insist a big deal, a so-called grand bargain is critical for jumping starting u.s. economic growth. >> we've got to reform the tax code and probably raise more revenues than we have and importantly we have to focus on controlling spending and reforming our entitlements which are right now unsustainable. delaying all of this is irresponsible. >> reporter: hard choices ahead whether the congress and the president can come together remains to be seen. christine romans, cnn, new york. >>> and, remember, you can catch a special inauguration coverage right here on cnn live coverage begins on sunday. continuing into monday. our mornings begin at 9:00 a.m. eastern. don't miss it. when you have diabetes... your doctor will say get smart about your weight. i tried weight loss plans... but their shakes aren't always made for people with diabetes. that's why there's glucerna hunger smart shakes. they have carb steady, with carbs that digest slowly to help minimize blood sugar spikes. and they have six grams of sugars. with fifteen grams of protein to help manage hunger... look
but deficit hawks insist a big deal, a so-called grand bargain is critical for jumping starting u.s. economic growth. >> we've got to reform the tax code and probably raise more revenues than we have and importantly we have to focus on controlling spending and reforming our entitlements which are right now unsustainable. delaying all of this is irresponsible. >> reporter: hard choices ahead whether the congress and the president can come together remains to be seen. christine...
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Jan 15, 2013
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extended deficit financing. the longer term problem is to a very large extent the product of key entitlement program that are an important part of the nation's safety net for the elderly. slowing the growth of spending in the nation's entitlement program help make programs secure for current and future workers, and we think that's very important. by 2035, there's only two workers per beneficiary, and a typical 65-year-old retiree, has a 50% longer retirement than occurred in 1995. this is a very serious issue. currently, the social security retirement is as a pay as you go system that provides more annual benefits than the payroll tax collects. if left alone, this eventually will need to insolvency, particularly with the rapidly increasing number of baby boomers who are retiring every day as was referred to by mya and louis. i don't have the programmatic expertise to suggest the right solutions, but it's important to analyze the acceptable message to assure that these programs can be available to future retirees
extended deficit financing. the longer term problem is to a very large extent the product of key entitlement program that are an important part of the nation's safety net for the elderly. slowing the growth of spending in the nation's entitlement program help make programs secure for current and future workers, and we think that's very important. by 2035, there's only two workers per beneficiary, and a typical 65-year-old retiree, has a 50% longer retirement than occurred in 1995. this is a...
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Jan 14, 2013
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and japan famously has run deficits year after year. and it has a level of debt that is about twice what we've got as a share of gdp. and people have been predicting financial catastrophe for japan year after year for ten years or more. they've had downgrades. their debt was downgraded in 2002 by the major rating agencies. and everybody who believed those warnings and everybody -- has lost a lot of money. so it turns out that if you're an advanced country with its own currency and a reasonably stable government, you have a lot of running room on these things. so am i worried? yeah, i mean, i am worried about the u.s. fiscal situation 20 years from now. we do have a problem of health care costs and so on. but, you know, i'm worried about a lot of other things 20 years as well. i'm not sure that even if you take that long term perspective, that the budget should be at the top of your list of things to be afraid of. i'm a lot more afraid, actually, of the great -- the entire southwest of the united states turning into a dustbowl because of
and japan famously has run deficits year after year. and it has a level of debt that is about twice what we've got as a share of gdp. and people have been predicting financial catastrophe for japan year after year for ten years or more. they've had downgrades. their debt was downgraded in 2002 by the major rating agencies. and everybody who believed those warnings and everybody -- has lost a lot of money. so it turns out that if you're an advanced country with its own currency and a reasonably...
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Jan 15, 2013
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articulated as well as he could v but i think he is clearly indicated that if you are looking for more deficit reduction, a bigger deal, not a big deal, he's willing to go pretty far for a democrat on entitlements. >> i think the president is laying out some rather tough negotiating territory or maybe nonnegotiating territory ght now to see where republicans in congress are willing to do, and if they will budge a little bit. right now it seems like we are both testing whether each side intend toth budge. we've been through that process many times here in the obama presidenciment looks like another round as well. >> rose: and for most of this hour conversation with the foreign minister of pakistan hina rabbani khar. >> i think pakistan today presents a country which is very clear notice head how it operate with its neighbors and that is to try and build on the trust and then build that trust enough to be able to build a environment in i we can take care of the disputes we have on the dialogue table rather than through military statements and through military actions. >> rose: its president's la
articulated as well as he could v but i think he is clearly indicated that if you are looking for more deficit reduction, a bigger deal, not a big deal, he's willing to go pretty far for a democrat on entitlements. >> i think the president is laying out some rather tough negotiating territory or maybe nonnegotiating territory ght now to see where republicans in congress are willing to do, and if they will budge a little bit. right now it seems like we are both testing whether each side...
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Jan 21, 2013
01/13
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you can't solve the financial deficit until they solve the trust deficit. maybe it's hopeful idealism. but maybe they made a small down payment today. >> i with us also thinking as i was watching the president review the troops, and you heard leon panetta talk about the first lady and jill biden and how much they have done for their troops and their families. but i'm willing thinking coming into this next phase, this is going to be a president that could have some difficult relationships with generals. he has always been concerned about the generals and not being overtaken by them. and he has spoken an awful lot about that as presidents have to make their own decisions, not be led too much by the generals. i think the nomination of chuck hagel is somebody who was a sergeant, whom he believes comes at the pentagon from the view of the bottom of the ladder, not at the top of the ladder. and so i think you're going to have some real issues. >> general stanley mcchrystal wrote about that actually in his new book. he talked about the deficit of trust they had ea
you can't solve the financial deficit until they solve the trust deficit. maybe it's hopeful idealism. but maybe they made a small down payment today. >> i with us also thinking as i was watching the president review the troops, and you heard leon panetta talk about the first lady and jill biden and how much they have done for their troops and their families. but i'm willing thinking coming into this next phase, this is going to be a president that could have some difficult relationships...
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Jan 15, 2013
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down and would pay down the deficit. guest: i like the point you are making. a very close friend of mind in scranton is a jeep dealer. and he was going to sell a cherokee in beijing, it costs about $100,000 which is outrageous. they add all sorts of import and do the fees and that just will not happen here. we need to rethink some of these trade imbalances. for example, of the note to the big box retailer and you can see the big box retailers and the countries that do not have strict labor laws, workplace safety laws, environmental regulations to protect, in a sensible fashion, the economy. foreign countries can sell them cheaper the in this country and i think that applies to automobiles as well. maybe the way to have these sensible regulations is to have a sensible tax along the line you are talking about. host: we are talking with freshman democrat from pennsylvania, rep cartwright. next caller. caller: the definition of the fault is not being able to pay your bills. -- the definition of default is not being able to p
down and would pay down the deficit. guest: i like the point you are making. a very close friend of mind in scranton is a jeep dealer. and he was going to sell a cherokee in beijing, it costs about $100,000 which is outrageous. they add all sorts of import and do the fees and that just will not happen here. we need to rethink some of these trade imbalances. for example, of the note to the big box retailer and you can see the big box retailers and the countries that do not have strict labor...
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Jan 15, 2013
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he doesn't care about deficits. he's not going to deal on this. >> you know, a couple of times during the news conference, i was interested in this. president obama said to congress, go ahead, give me the power and i'll issue more debt. that's really what he wants. he wants the power to issue unlimited debt so he can have unlimited spending and eventually he's going to get around to unlimited tax hikes. >> well, to be clear, as you know, when we talk about the debt, the president doesn't get to decide, you know, how much we're spending that's something that rests with congress. but in terms of what kate was saying with respect to, you know, him wanting to not really offer any cuts he's incurred the wrath of his party by offering chain cpi to social security. that's a reindexing of the cost of living index, revising down how much elderly people are getting. and he talk about potential fixes to medicare, potentially raising the age. it is not true that he's not willing to do that. i'll say there are a lot of people on
he doesn't care about deficits. he's not going to deal on this. >> you know, a couple of times during the news conference, i was interested in this. president obama said to congress, go ahead, give me the power and i'll issue more debt. that's really what he wants. he wants the power to issue unlimited debt so he can have unlimited spending and eventually he's going to get around to unlimited tax hikes. >> well, to be clear, as you know, when we talk about the debt, the president...
SFGTV: San Francisco Government Television
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Jan 18, 2013
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at this time the city does have a deficit, i believe it's been $129 million, but don't quote me on that. it's more than $100 million. and for this reason, the mayor has given direction to all of the different department heads that when we submit our budget, we need to include some budget reductions, approximately 1.5% per year. and so our office is cooperating, of course, with that citywide effort. during the budget season, our office also participates in capital planning for the really big projects, like new buildings or ada transition plan work for barrier-removal. and a little bit later in the meeting today, i have asked our deputy director for architectural access, john paul scott to give us a briefing on some of the big projects that he submitted for our capital planning budget. now i wanted to tell you about a couple special probings that our office worked on recently. we just finish a project to develop accessibility guidelines for park lifts. -- parklet. if you haven't seen a parklet, you should walk or drive down valencia street or hayes valley, because those are the biggest co
at this time the city does have a deficit, i believe it's been $129 million, but don't quote me on that. it's more than $100 million. and for this reason, the mayor has given direction to all of the different department heads that when we submit our budget, we need to include some budget reductions, approximately 1.5% per year. and so our office is cooperating, of course, with that citywide effort. during the budget season, our office also participates in capital planning for the really big...
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Jan 18, 2013
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that's $1.3 trillion deficit. you know, if the republicans want to save their house majority, they'd better cut spending like there's no tomorrow. we'll have a little debate on our budget priorities next up. almost tastes like one of jack's cereals. fiber one. uh, forgot jack's cereal. [ jack ] what's for breakfast? um... try the number one! yeah, this is pretty good. [ male announcer ] over a third of aer. fiber one. >>> welcome back. >>> welcome back. house budget committee chairman paul ryan announced today that republicans are putting a short-term debt ceiling hike on the table. short-term debt ceiling hike. but here's what i'm not hearing and what we should be hearing is an unambiguous plan to splash spending now. republicans need an absolute rock solid plan to implement the sequester which is $1.2 trillion over the next ten years. this is essential. not just to unite the republican conference. but more importantly, it's essential to helping the economy grow more rapidly. and if the republicans don't get it d
that's $1.3 trillion deficit. you know, if the republicans want to save their house majority, they'd better cut spending like there's no tomorrow. we'll have a little debate on our budget priorities next up. almost tastes like one of jack's cereals. fiber one. uh, forgot jack's cereal. [ jack ] what's for breakfast? um... try the number one! yeah, this is pretty good. [ male announcer ] over a third of aer. fiber one. >>> welcome back. >>> welcome back. house budget committee...
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Jan 15, 2013
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we have a huge spending deficit problem. they were considering for well over a week the notion of just mint inging a trillion dollar c and calling it good. the federal reserve said that's phony. that doesn't work. and the treasury department on saturday said okay, you are right. we won't go that route. we need serious proposals from the president and it is not just the congress. it is -- we got to work together to solve the country's problems. >> let me -- let me split off debt limit here. are you willing to do the debt limit on its own without any -- president say he's not going to negotiate, are you willing to pass a clean debt limit? >> you know, i think passing a clean debt limit is problematic for the american people as well as for the congress and the country. i think that we should find common ground here to look at spending reforms for the long term to gettous a path to reducing debt and deficit. i think we should look at current spending reductions that could take place and in ways we can grow the economy. i would l
we have a huge spending deficit problem. they were considering for well over a week the notion of just mint inging a trillion dollar c and calling it good. the federal reserve said that's phony. that doesn't work. and the treasury department on saturday said okay, you are right. we won't go that route. we need serious proposals from the president and it is not just the congress. it is -- we got to work together to solve the country's problems. >> let me -- let me split off debt limit...
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Jan 17, 2013
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. >> he called me and said mark, you know, you have to do this he said you were talking about deficit, government spending 1520 years ago when nobody was that much focused on it. they are now. here's a chance for you to take what you learned on the way up, what you learned on the way down, what you learned in congress before, what you learned in the governorship and apply it to what is really the debate of our time. >> you will remember his governorship, which was riddled with that story where he admitted an affair with a woman from argentina back in 2009. >>> look at this, unless you're a little claustrophobic. this oregon woman spent nearly four hours trapped in an eight-inch space between an apartment building and a 20-foot wall. this happened early wednesday morning in downtown portland. apparently she fell from a second floor smoking area and getting her out was not easy. firefighters had to cut through a section of wall and used air bags to widen the space. lieutenant rich chapman is the firefighter who pulled that woman out. >> we were assuring her we were doing everything to g
. >> he called me and said mark, you know, you have to do this he said you were talking about deficit, government spending 1520 years ago when nobody was that much focused on it. they are now. here's a chance for you to take what you learned on the way up, what you learned on the way down, what you learned in congress before, what you learned in the governorship and apply it to what is really the debate of our time. >> you will remember his governorship, which was riddled with that...
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Jan 18, 2013
01/13
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mercer came up with similar results, 557 record billion dollars deficits in the s&p 1500. and what we're talking about is what's going to happen down the road. investors are going to see these weird bookkeeping charges that are just paper charges, not cash charges just yet meaning they are going to be tossing their own company stock in there to do whatever they can to pay for the returns that are underperforming in their pension plans. i have to tell you something, these companies, do you know who they are blaming? the federal reserve. they are blaming low interest rate policies for ruining their expected rates of return so when they don't come up with the returns they expected, they have these shortfalls, right liz? a little controversy going on. >> calpers is doing pretty darn well. that's a big pension. they have finally gotten back to where they were before the crisis. there's a lot of blaming going on. you look at the super smart money out there, somebody is doing well. >> the liability side of the balance sheet that's when you see the underfunding problems, that's wh
mercer came up with similar results, 557 record billion dollars deficits in the s&p 1500. and what we're talking about is what's going to happen down the road. investors are going to see these weird bookkeeping charges that are just paper charges, not cash charges just yet meaning they are going to be tossing their own company stock in there to do whatever they can to pay for the returns that are underperforming in their pension plans. i have to tell you something, these companies, do you...
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Jan 17, 2013
01/13
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and let me talk a little bit about the deficit implication. allegedly these guys are saying they want to try to help our debt situation. the debt held by the public is about $10 trillion. that makes the math kind of easy. if we lurch from crisis like this every couple of months, at some point our creditors, the folks who lend ution money, are going to insist on an interest rate premium. suppose it goes up 0.1%, ten basis points. that is equivalent to $10 billion more of debt obligations, and the last time we even bellied up to this debt ceiling debate according to the bipartisan policy center, it cost us about $19 billion over ten years because of the very interest rate affect i'm defining. this is a manufactured crisis mentality with the goal of disparaging government and slashing the heck out of social insurance and spending. make no mistakes about it. >> to jared's point, it does nothing to the deficit. >> it makes it worse. >> it makes it worse. >> paul ryan has never been interested in deficit reduction. if you look at the ryan -- >> hang
and let me talk a little bit about the deficit implication. allegedly these guys are saying they want to try to help our debt situation. the debt held by the public is about $10 trillion. that makes the math kind of easy. if we lurch from crisis like this every couple of months, at some point our creditors, the folks who lend ution money, are going to insist on an interest rate premium. suppose it goes up 0.1%, ten basis points. that is equivalent to $10 billion more of debt obligations, and...
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Jan 18, 2013
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leading republicans are saying without a budget that includes a real plan to reduce the deficit, the nation faces the threat of a credit downgrade. bret? >> bret: mike, thank you. sticking with the tet and deficit issues, lawmakers on both sides of the aisle are talking about what to do in a worse case scenario. the government not having enough money to pay its bills. chief political correspondent carl cameron reports on a possible short-term solution that is getting a long look by some people. >> with the white house refusing to negotiate spending cuts and the democrat controlled senate unlikely to pass a budget as part of a long-term deal to raise the tet ceiling, pat toomey of pennsylvania is reintroducing legislation he says will avert the u.s. from defaulting on the debt. >> we must prioritize three categories of payments. one would be debt service, interest on the debt so we would haven't default. a second would be social curt payment to seniors so they don't worry whether the check is coming or not. the third is pay for the active duty military personnel. >> the white house is
leading republicans are saying without a budget that includes a real plan to reduce the deficit, the nation faces the threat of a credit downgrade. bret? >> bret: mike, thank you. sticking with the tet and deficit issues, lawmakers on both sides of the aisle are talking about what to do in a worse case scenario. the government not having enough money to pay its bills. chief political correspondent carl cameron reports on a possible short-term solution that is getting a long look by some...
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public option deficit reduction plan and basically what it did is that allowed people to buy a public option insurance as well as health insurance i think it's a great idea i love jan schakowsky she's great frank in chicago last call what's up frank. you know our support of israel i'm absolutely there but doesn't anybody wake up and see that they're treating the problem. like they're not peace treated i mean maybe in that i don't i think that's what. your argument thanks for the call your argument starts to break down when you get into that kind of hyperbole but the fact of the matter is that in israel there is a very loud very public debate about israeli policy with regards to the west bank and the palestinians and gaza and we just generally don't have that debate here in the united states and i think it's unfortunate i think that it's it's not good for israel that we don't have to pay for your take my take a live thank you for all of your calls i didn't get your calls and i was called back next week. is the good the bad and the very very bad no genesis showily ugly the good stephani
public option deficit reduction plan and basically what it did is that allowed people to buy a public option insurance as well as health insurance i think it's a great idea i love jan schakowsky she's great frank in chicago last call what's up frank. you know our support of israel i'm absolutely there but doesn't anybody wake up and see that they're treating the problem. like they're not peace treated i mean maybe in that i don't i think that's what. your argument thanks for the call your...
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Jan 14, 2013
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. >> megyn: and my last question for you quickly he's put in place, 3.25 in place of deficit reduction, a little short of 4 trillion we need, but he would have the american public believe he's significantly reduced our deficit as president. >> which makes you wonder why we need another 2 trillion dollars so desperately now as we are getting ready for the beginning of his second term. obviously, that's 2 1/2 trillion that is, well, fanciful in my opinion and ethereal in others and it's not a reduction in baseline, it's a reduction in the rate of growth of spending, which is again suffocating to the private economy and unsustainable over the course of the next several years. >> megyn: one thing we did hear the president reference personally, we heard it from nancy pelosi prior, but the president personally talking about now closing more loopholes and that means higher taxes. we don't know on who, but he would not specify any specific spending reductions and refusing to negotiate with the house republicans on the issue of the debt ceiling. lou, an interesting couple of months. looking for
. >> megyn: and my last question for you quickly he's put in place, 3.25 in place of deficit reduction, a little short of 4 trillion we need, but he would have the american public believe he's significantly reduced our deficit as president. >> which makes you wonder why we need another 2 trillion dollars so desperately now as we are getting ready for the beginning of his second term. obviously, that's 2 1/2 trillion that is, well, fanciful in my opinion and ethereal in others and...
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Jan 18, 2013
01/13
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i didn't think it went far enough with regard to deficit reduction. i didn't think it went far enough with regard to entitlements. so i was a no vote, and i walked into the house that night and the republicans were high-fiving saying they don't have the votes and the democrats were figuring out how they could switch their votes and i said wait a minute, we came in with this president in '92, it was the largest class of women, there were 21 new women, 24 democrats. and the president was on the phone, and he said what would it take? and i said a serious discussion about entitlements, further cuts, and i'll only be your last vote because there had only been two -- in the house as you know, a tie vote goes down. >> sure. >> so i said i'd only be your 218th vote and there had been two votes i knew like this in history. one for the impeachment of andrew johnson and the other one for the draft. >> so -- >> and i said -- and they needed me. but i represented the most -- >> the president needed you, correct? >> correct. >> and the president right now needs dem
i didn't think it went far enough with regard to deficit reduction. i didn't think it went far enough with regard to entitlements. so i was a no vote, and i walked into the house that night and the republicans were high-fiving saying they don't have the votes and the democrats were figuring out how they could switch their votes and i said wait a minute, we came in with this president in '92, it was the largest class of women, there were 21 new women, 24 democrats. and the president was on the...
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Jan 19, 2013
01/13
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republicans have taken a pledge, saying they will never raise a dollar in taxes no matter what the budget deficit looks like. he is not why they decided to put the whole u.s. economy at risk if they don't get their way on spending cuts. he is not why the white house partnered with gun legislation, no matter how small, is tantamount to taking away guns, he is not why extreme movements like extreme ideas like going back to a gold standard in the middle of an economic crisis have taken root on the right. this country needs and deserves a better republican party. and there are a lot of people in the republican right now who want a better republican party who are trying to push it there. those people, i think include key leaders in the party, like the house republican leaders this week who are trying to talk their members down from the ledge. they include folks like david brooks who in saying that republicans look deeply unreasonable, they are telling republicans you are being unreasonable. you need to move to the center. the structure of their argument a bit weird, but they're pushing in the right di
republicans have taken a pledge, saying they will never raise a dollar in taxes no matter what the budget deficit looks like. he is not why they decided to put the whole u.s. economy at risk if they don't get their way on spending cuts. he is not why the white house partnered with gun legislation, no matter how small, is tantamount to taking away guns, he is not why extreme movements like extreme ideas like going back to a gold standard in the middle of an economic crisis have taken root on the...